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STAFF REPORT <br />DATE: June 2, 2026 <br />CONSENT <br />TO: Mayor and Councilmembers <br />FROM: Nate Stanley, City Engineer <br />AGENDA ITEM: Approve Security Reduction for Lake Elmo Townhomes 8 (At Home Apartments) <br />CORE STRATEGIES: <br />☐ Vibrant, inclusive, connected community <br />☐ Responsive, transparent, adaptive governance <br />☒ Managed Growth <br />☐ Efficient, reliable, innovative services <br />☒ Balanced Finances now and future <br />☒ Resilient Infrastructure <br />BACKGROUND: <br />Woodhelm, LLC entered into a development agreement with the City for Lake Elmo Townhomes 8 (aka At Home <br />Apartments) on August 21, 2024. <br />ISSUE BEFORE COUNCIL: <br />Should the City Council approve a security reduction for Lake Elmo Townhomes 8? <br />PROPOSAL DETAILS/ANALYSIS: <br />Staff have received and processed a request to reduce the development security for Lake Elmo Townhomes 8. This <br />request has been reviewed and is recommended for approval in accordance with the approved Development <br />Agreement. The development security is recommended to be reduced as shown below: <br />Current Security Amount Proposed Security Amount <br />1. Lake Elmo Townhomes $2,372,460 $1,481,670 <br />FISCAL IMPACT: <br />It is the City’s goal to retain at all times during the subdivision improvements a security amount that is adequate to <br />ensure completion of all elements of the improvements as protection to the city taxpayers against the potential of <br />developer default. <br />OPTIONS: <br />Approve the security reduction. <br />Do not approve the security reduction.